Medtronic pays the price for acquiring a company with tax debt discrepancies
Medtronic is now stuck with a nearly $221 million tax dispute with the Internal Revenue Service as a result of buying Covidien last year.
New Covidien CEO named from medical device division
Covidien plc (NYSE:COV) announced a succession in its corner office, tapping the leader of its medical device unit to become its new president and CEO in July, replacing the retiring Richard Meelia. The Mansfield, Mass.-based medical products conglomerate said Jose Almeida will become president and CEO of the company after Meelia steps down July 1. Almeida, a 16-year Covidien and Tyco Healthcare veteran, has been president of the company's medical device division, its largest, since 2006. He'll also become a member of Covidien's board in July.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.